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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Title revenues:        
Direct operations $ 231,662 $ 237,017 $ 419,091 $ 423,018
Agency operations 234,407 225,416 467,756 450,051
Ancillary services 15,118 21,182 32,422 43,217
Operating revenues 481,187 483,615 919,269 916,286
Investment income 4,941 4,856 9,613 9,926
Investment and other (losses) gains – net (676) 966 (389) 1,454
Total revenues 485,452 489,437 928,493 927,666
Expenses        
Amounts retained by agencies 192,558 183,485 383,733 367,329
Employee costs 139,346 152,427 279,131 302,636
Other operating expenses 88,786 86,458 167,103 174,168
Title losses and related claims 24,462 17,153 45,163 40,247
Depreciation and amortization 6,441 7,340 12,819 15,646
Interest 712 661 1,529 1,440
Total expenses 452,305 447,524 889,478 901,466
Income before taxes and noncontrolling interests 33,147 41,913 39,015 26,200
Income tax expense 10,993 14,386 10,850 7,738
Net income 22,154 27,527 28,165 18,462
Less net income attributable to noncontrolling interests 3,586 3,928 5,508 6,058
Net income attributable to Stewart 18,568 23,599 22,657 12,404
Net income 22,154 27,527 28,165 18,462
Other comprehensive income, net of taxes:        
Foreign currency translation adjustments 3,204 (1,703) 4,529 1,592
Change in net unrealized gains on investments 355 6,182 2,822 11,971
Reclassification of adjustment for gains included in net income (94) (115) (461) (179)
Other comprehensive income, net of taxes 3,465 4,364 6,890 13,384
Comprehensive income 25,619 31,891 35,055 31,846
Less net income attributable to noncontrolling interests 3,586 3,928 5,508 6,058
Comprehensive income attributable to Stewart $ 22,033 $ 27,963 $ 29,547 $ 25,788
Basic average shares outstanding (000) 23,444 23,365 23,438 23,357
Basic earnings per share attributable to Stewart (in usd per share) $ 0.79 $ 0.50 $ 0.97 $ 0.02
Diluted average shares outstanding (000) 23,620 23,559 23,613 23,542
Diluted earnings per share attributable to Stewart (in usd per share) $ 0.79 $ 0.49 $ 0.96 $ 0.02